By Felix Hammond, Yaw Adarkwah Antwi
This ebook explores why present genuine property preparations in Africa haven't labored good and the way they are often prepared to supply effective results.
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Additional resources for Economic Analysis of Sub-Saharan Africa Real Estate Policies
If lands are not for sale in that society, then, though that person may have sufficient income, he or she may still not be able to satisfy his or her basic wants and hence may experience a significant shortfall in well-being. This is one of the reasons why focus must always be placed on unsatisfied wants rather than on incomes. The crucial question is: how are wants satisfied? The answer to this is also the answer to solving the problem of poverty, for when basic wants are satisfied the problem of poverty is exterminated.
The table shows again that sub-Saharan Africa has the lowest capital formation rate in the world, with an average capital formation rate of about 18 per cent per year. There is usually a trade off between the use of labour and the use of capital goods; capital goods and labour are used as substitute resources as much as possible such that where labour is in abundance and cheap, more labour and less capital are used. The opposite is also true. Sub-Saharan Africa is the region with the least gross capital formation and yet the region with the highest population growth rate.
2 Utilisation of real estate resources Apart from the availability of a resource such as real estate, the next factor that determines the real income per person in an economy is its effective utilisation with regard to its qualities. Again, a nation’s per capita income could be low, not because of a non-existence of the requisite resources, but rather because of their under utilisation. Making effective use of land simply means putting the land to its highest and best uses. The highest and best use for a given unit of real estate is the use upon which the most urgent wants of people in the society depends.